After reaching a peak of 9.1% in June, it fell to 8.5 percent last month, which is a promising indicator that the Federal Reserve's initiatives to slow down soaring prices may be having some success. The cost of living is still rising, and millions of Americans continue to struggle.
Several states, including Delaware, Florida, Georgia, Hawaii, Indiana, Minnesota, and New Mexico, have already begun implementing direct payments to assist citizens whose household budgets have been badly impacted by rising food, gas, and housing prices. Others are getting ready to do it.
California
California is preparing to provide millions of households with another wave of direct payments, this time in the form of a tax return of up to $1,050 dubbed the "Middle-Class Tax Refund." According to state officials, 23 million people should be eligible to receive the checks which will be sent between October 2022 and January 2023. Only residents who have been in California for at least six months during the 2020 tax year or who are still residing there are eligible for the payout.
Colorado
The "Colorado Cash Back," a one-time tax rebate of $750 for single filers and $1,500 for married couples filing jointly, was approved by Colorado Governor Jared Polis on May 23. He said his administration was working hard to get the money into Coloradans' wallets this summer rather than in the spring of 2023.
Illinois
According to a press release from the State of Illinois' website, checks will be distributed to all of the estimated 6.2 million taxpayers who qualify during the week of Sept. 12. Distribution will take about eight weeks.
Massachusetts
According to local media, the State Auditor will decide by Sept. 20 if the state will be able to award tax credits, and if it does, the payments will be paid before the end of the month.
South Carolina
You must have submitted your individual income tax returns by Oct. 17 to be eligible for the one-time payment. After Oct. 17, the payment's amount will be decided based on income. According to the official website of the South Carolina Department of Revenue, payments will be made before Dec. 31. Check deliveries are scheduled for November and December.
Virginia
Taxpayers in Virginia who have a tax liability for the prior year (defined as the total amount of tax they owe for the year less any credits) may be eligible for a tax rebate of $250 for single filers and $500 for joint filers. Expect to get your tax refund by October 31 if you meet the requirements for the payout and have submitted your taxes by July 1. You must submit your tax return by November 1 to be eligible for the reimbursement.
